Forecast: Look for content, tech spending to increase 6% in 2019

Consumer spending on media content and tech will push into the trillion dollar range in 2019. That, according to new data out from PQ Media; their new forecast predicts a 6% growth rate which would push spending to $1.84 trillion in the New Year.

Much of the increase will be due to an increase in subscription services. In the US, consumer spending on media content and tech is expected to reach $442.7 billion, making US consumers the highest spenders for the second. Per capita, however, Japanese consumers out-spend US, averaging $1,360.11 per person.

Much of the increase in spending in the New Year is expected to come from subscription services, which are helping to keep the media/tech spend growing, even at this slow pace.

"With an increased concentration on subscription services, single-unit purchases that drove consumer spending on media content and technology for decades are becoming less relevant, which has had a negative impact on overall growth," said Patrick Quinn, President, PQ Media. "In 2018, most single-unit categories recorded either slowing or declining growth due to consumer switching to subscription-based services, which is making the number of blockbuster hits in media platforms that have long depended on them, like film, music, video and video games. Combines with slower growth in spending on digital media devices and access, the result is consumer media spending growth trailing that of aggregate global GDP in 2020."

Video games are leading the category spend, accounting for nearly 14% of spending among digital and traditional media silos.